20. Redomiciliation of foreign trust in Labuan

Terms defined in s 2

• Labuan

  Labuan

  Defined · s 2

  ―Labuan‖ means the Federal Territory of Labuan;

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• Malaysia

  Malaysia

  Defined · s 2

  ―Malaysia‖ means the territories of the Federation of Malaysia, the territorial waters of Malaysia and the sea-bed and subsoil of the Labuan Trusts 9 territorial waters, and includes any area extending beyond the limits of the territorial waters of Malaysia, and the sea-bed and subsoil of any such area, which has been or may hereafter be designated under the laws of Malaysia and in accordance with international law as an area over which Malaysia has sovereign rights for the purposes of exploring and exploiting the natural resources, whether living or non-living;

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• proper law

  proper law

  Defined · s 2

  ―proper law‖ means— (a) the law chosen by the settlor to be applicable to a trust, the choice being expressed or implied in the terms of the trust; or (b) where no law is chosen, the law with which a trust is most closely connected at the time of its creation;

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• terms of the trust

  terms of the trust

  Defined · s 2

  ―terms of the trust‖ means the written or oral terms of a trust or any other terms applicable under its proper law;

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• trust

  trust

  Defined · s 2

  ―trust‖ includes the trust property and the rights, powers, duties, interests, relationships and obligations under a trust;

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